France to invest over €1bn in Nigeria’s oil and gas sector : for favour or exploit?
Nigerians are slightly worried with the French’s investment in their oil and gas sector. Most of them wondered if it was necessary to accept such large investment from France. Recently, the French government says it has set aside about one billion euros to be invested in Nigeria’s Oil and Gas industry.
In addition, France Ambassador to Nigeria, Mr Denys Gauer, who disclosed this on Tuesday, said Nigeria remains his country’s first economic trading partner in Africa. It has been reported that he made the announcement at his office in Abuja where he received a delegation from the Nigerian National Petroleum Corporation (NNPC).
In confirmation, Mr Gauer announced that the French Development Agency has put in place about one billion euros to encourage French investors to invest in the Nigeria Oil and Gas sector. He further added that the French Government is also cooperating with the Federal Government in the fight against Boko Haram insurgency.
Also, the French Ambassadors commended the Federal Government for stemming the insecurity situation in the Niger Delta, noting that Total, a French multinational oil and gas company, had significant investment equity in the Nigeria Liquefied Natural Gas Limited (NLNG) and Egina project.
In reaction to this, speaking with some concerned Nigerians, James Omude, a civil servant said that the investment is a great deal and consequently will help to develop the oil and gas sector:
” the investment will help the country to move forward in the oil and gas sector. It is a great step from the French I must say.”
In addition, Adeoye Ireti explained that the investment will no doubt result to a give and take. She said the French will definitely cease something in return:
“we all know that when a country invests in another country, it must have mapped out plans on what to get in return. I just hope Nigeria will not regret accepting this investment.”
Earlier, Mr Ughamadu noted that NNPC, under the current management led by the Group Managing Director, Dr. Maikanti Baru, was well positioned and open to investment opportunities from the French Government and investors.
In appreciation, he thanked the Ambassador for the warm reception accorded the NNPC delegation and assured him of the Corporation’s resolve to develop a robust business atmosphere for investors in Nigeria.
Nigerians are slightly worried about the huge investment in the country’s oil and gas sector. Some feel it is a great deal while some explained that the amount to be invested is quit large which will no doubt eventually give room for exploitation and corruption.